--- In AsburyPark@yahoogroups.com, "Fred" <[EMAIL PROTECTED]> wrote:
>
>
> Both builders are about six months behind schedule getting their
> first units finished and sold, which, for the city, meant Asbury
Park
> did not get the tax revenue from the new residences that was
> projected for last year's budget.
>
> Reidy said the city projected $925,000 in tax payments from the
> condominiums in 2006. This year, he's asked City Engineer Brian
Grant
> to follow up with each of the developers to get realistic estimates
> for how many units are coming on line, when they'll come on during
> the year, and how much they sold for.
Hmm. Do we only get tax revenue when they are sold or when they get a
CO? The sales price is the basis of the tax computation, so I would
think the latter since the selling (asking) price may not be the
final taking price. The last line above in the story seems to bear
that out. Quite a difference.
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